Legal News | 24.06.21
FREEDOM … or with a few restrictions?
No, we’re not talking about Covid but about Lasting Powers of Attorney (LPAs).
Regular readers will know that LPAs allow you to appoint attorneys to make decisions on your behalf in relation to (1) your property and financial affairs and (2) your health and welfare.
Your attorney(s) must always act in your best interests, and you might decide to let them make decisions for you with no guidance or restrictions.
However you are able to incorporate preferences and instructions within your LPAs. Such provisions must be included before the LPAs are signed and registered with the Office of the Public Guardian.
What sort of thing might you include?
Financial and Property LPA
1) We will always recommend giving your attorney(s) authority to appoint an investment manager on a discretionary management basis to look after your investments.
2) It may also be advisable to allow your attorney(s) access to a copy of your Will and medical records.
3) You may wish to include additional conditions in respect of buying and selling property, for example the requirement for approval from additional parties.
4) You may want to consider a requirement for your attorney(s) to submit annual accounts, for example to your solicitor or accountant.
Health and Welfare LPA
1) If you have views on life-sustaining treatment and you would like your attorney(s) to refuse this in certain conditions then you can include this wording (sometimes called a ‘Living Will’) within the LPA.
2) Guidance on who visits you.
3) Spiritual or religious beliefs.
Wansbroughs can prepare Lasting Powers of Attorney for you and provide further advice; please do not hesitate to contact our private client team via wealth@wansbroughs.com.
